Even though Turkish flat steel spot traders reduced their offer prices last week in response to the continuing negative outlook and the weakening of the hot rolled coil (HRC) market, they have chosen to keep their offer prices stable in the current week. According to industry players, the market has become more confused and depressing as the Turkish economy continues to struggle, with great uncertainty surrounding demand. However, even if prices fall, trade still fails to improve, so traders are inclined to keep their offers firm.
As a consequence, workable domestic hot rolled sheet prices are quoted at $620-635/mt ex-warehouse, unchanged week on week. Reports state that bigger traders are providing around $630-635/mt ex-warehouse, while smaller and medium-sized traders are offering at $620-625/mt ex-warehouse.
In the cold rolled sheet market, offers have remained stable compared to last week at around $760-780/mt ex-warehouse. However, a few traders have offered lower prices at around $750/mt ex-warehouse.